Power to receive documentary evidence upheld; documents referred in complaint may be placed on record without amendment where omission was inadvertent...
Proof of foreign public documents requires originals or certified diplomatic/notarial copies; inspection must occur in-magna presence and cross-examin...
Prior Sanction Requirement: absence of prescribed approval invalidates reassessment notice; limitation also bars notice if escaped income below thresh...
Financial default and threshold: Tribunal found the financial creditor proved debt and default under the loan agreements and that the default amount exceeded the statutory threshold, therefore the adjudicating authority's initiation of CIRP was justified - order upheld. Scope of CIRP and relevance of securities: holding that where securities are confined to specified projects, CIRP and the moratorium cannot engulf unrelated projects; CIRP is limited to projects listed in the security/sanction documents (Mother City Lucknow, Mother City Extension including Sushant Golf City, and specified Ajmer, Jodhpur and Jaipur projects) and must proceed project-wise with resolution modality to be determined by the adjudicating authority. - NCLAT
Financial default and threshold: Tribunal found the financial creditor proved debt and default under the loan agreements and that the default amount exceeded the statutory threshold, therefore the adjudicating authority's initiation of CIRP was justified - order upheld. Scope of CIRP and relevance of securities: holding that where securities are confined to specified projects, CIRP and the moratorium cannot engulf unrelated projects; CIRP is limited to projects listed in the security/sanction documents (Mother City Lucknow, Mother City Extension including Sushant Golf City, and specified Ajmer, Jodhpur and Jaipur projects) and must proceed project-wise with resolution modality to be determined by the adjudicating authority. - NCLAT
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